Good morning, and welcome to Apollo Global Management's Fourth Quarter and Full Year 2021 Earnings Conference Call. During today’s discussion, all callers will be placed in listen-only mode. And following management’s prepared remarks, the conference call will be opened for questions. This conference call is being recorded. This call may include forward-looking statements and projections, which do not guarantee future events or performance. Please refer to Apollo's most recent SEC filings for risk factors related to these statements. Apollo will also be discussing certain non-GAAP measures on this call, which management believes are relevant in assessing the financial performance of the business. These non-GAAP measures are reconciled to the GAAP figures in Apollo's earnings presentation, which is available on the company's website. Also note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Apollo fund. I would now like to turn the call over to Noah Gunn, Global Head of Investor Relations.

Great. Thanks, operator, and welcome again, everyone to our call this morning. Our fourth quarter and full year 2021 results reported earlier today reflect Apollo's financial results on a standalone basis, before consideration of our recent merger with Athene, which closed on January 1. That said, we will briefly touch on key highlights from Athene's results, which were issued separately this morning. In addition, we posted a financial supplement on our website, which updates our fourth quarter and full year results in our new post-merger financial construction. Beginning next quarter, this will be our primary view, including contributions from our three new segments, and will illustrate our combined earnings power. Fee-related earnings reached a quarterly record of $309 million or $0.67 per share in the fourth quarter and $1.2 billion or $2.68 per share for full year 2021. In terms of distributable earnings, we reported $1.05 of DE per share for the fourth quarter and an annual record of $4.56 per share for full year 2021, which is more than double the level we earned in 2020. Joining me this morning to discuss all the business momentum we are seeing at Apollo and our results in further detail are Marc Rowan, CEO; Jim Zelter, Co-President; and Martin Kelly, CFO. We look forward to addressing all your questions following the conclusion of our prepared remarks. And with that, I'll now turn the call over to Marc.

Thank you, Noah. Good morning to all. Thank you for spending time with us. As I often say, I'm fortunate to lead a company in an industry that gets better every day. Our industry is driven by powerful trends, demographics, generational transfer of wealth, low rates and the extreme correlation and indexification of equity and fixed income markets. I am even more fortunate to lead a company with tremendous momentum and with a unique business model in the alternatives industry. 2021 was a transformational year for Apollo. AUM is a record; fundraising, a record; modernizations, a record; origination, a record; 424 people joined our platform, another record; and turnover was the lowest it's been in a very long time. We achieved 15% year-over-year FRE growth without any sizable inorganic activity and without a flagship fund, which, as all of you know, is in the cards for 2022. As excited as I was for 2021, 2022 should be even brighter. At our very detailed Investor Day in October, we communicated a strategic vision and financial plan. In just a few short months, we have made significant progress against that plan; recall the three pillars of that plan or the three key bets as we like to say. One was the growth in our retail business and retail franchise, which I will touch on, and Jim Zelter will spend more time on, the second, origination, which is the capacity to originate investments and, therefore, continue to provide above-average rates of return per unit of risk for our clients and the third, in our Capital Markets segment. Let me take a second and just briefly touch on each of those three bets. In origination, we originated $37 billion in the fourth quarter. We're now running well over $100 billion on an annual basis.…

Thanks, Marc. 2021 was indeed a banner year for Apollo, as Marc described. We remain squarely focused on driving excess returns across the spectrum, from fixed income replacement up to private equity, in order to deliver the investment alpha that our clients entrust us to provide. Our record deployment activity exemplifies our ability to source recurring transactions at scale as well as the expanding diversification of the platform. In our Private Equity business, we committed and invested more capital over the last two years than in any other period in our history, totaling $20 billion. We believe, we can deploy capital at a similar rate in 2022, especially, as Marc described, the recent market volatility persists. Additionally, our committed but unfunded pipeline ended the quarter nearly $8 billion, primarily comprised of Lumen Technologies and the Venetian transaction. Our near-term pipeline of potential transactions, remain strong with Fund IX 78% committed at the end of the first quarter, and we have approximately $5 billion of dry powder to commit before the management fees from Fund X turn on. More recently, with the rotation from growth to value over the past several months, Apollo's vision itself as a solution provider in the marketplace, providing a differentiated tool kit to our clients. The recent dislocation and heightened volatility should create attractive capital deployment opportunities across numerous investor areas of the firm. Our hybrid value funds, the credit franchise, broadly speaking, and our partnership with Motiv allow us to provide creative, flexible solutions across the capital structure for companies in need. Moving on to debt origination. Total originations surged during the fourth quarter, as Marc said, reaching $37 billion. The uptick in fourth quarter origination volume was driven by strong high-grade alpha, middle market direct lending and commercial real estate volumes. Within high-grade alpha,…

Great. Thanks, Jim, and good morning. I'll provide a brief overview of our standalone results and then bridge to our 2022 outlook for the combined businesses. Our full year after-tax DE of $2 billion was very strong and roughly doubled from 2020 levels, as Noah mentioned, driven by a sizable step-up in PE realization activity and mid-teens FRE growth. Management fees increased 14% year-over-year, which included more than 20% growth in our credit real assets businesses and transaction fees were up 19% year-over-year, while fee-related expenses grew 19%, reflecting our comp and non-comp-driven investment for growth. Our full year FRE margin of 54% was in line with our expectations. In mid-January, we filed a financial supplement containing historical information for our new post-merger segment reporting. And in late January, we filed an 8-K outlining merger-related updates and certain financial items. Beginning in the first quarter of 2022, we will report results for three operating segments: asset management, retirement services and principal investing, with fee-related earnings, FRE; spread-related earnings, SRE; and principal investing income, PII, as their primary performance metrics looking forward. Strong results by Apollo and Athene in 2021 provide us with momentum as we head into 2022, positioning us well to achieve our five-year targets. As previously communicated, we expect after-tax DE of approximately $3.3 billion or $5.50 per share in 2022. We expect approximately 90% of these earnings to be comprised of highly stable and recurring FRE and SRE. In our Asset Management segment, we expect the following trends to drive our FRE in the year ahead. Fee-related revenues should see attractive growth in 2022, with management fee growth around the mid to high-teens level, and our plan suggests transaction fees growing at a faster pace than they did in 2021. In terms of fee-related expenses, as you…

Hi. Thank you. Just a quick clarifier for -- first, did you say FRE of at least $1.4 billion, this is like 17% growth in 2022? I just want to make sure I heard right.

That's right, Glen. Yeah, $1.4 billion, which is $2.35 per share.

Okay. Cool. I guess a lot of people are asking on insurance, so let's start there. I guess it's a twofold, and it has to do with S&P and regulation. So S&P is considering changing some of its capital rules, specifically for A and lower-rated securities and structures. So what impact would that have on the excess capital position you've been talking about at Athene? And then my as well, while we're talking insurance, to talk about any changes that you think might be brewing in terms of private equity ownership of life insurance, and whether or not there are changes coming. So I appreciate the twofold question.

Great. Well, it's Marc. Why don't I take a shot at that, Glenn? So recall that in the last year, S&P has upgraded us to A+. And we hold substantially more capital than, I think, anyone else in the industry in terms of excess capital and reduce leverage. S&P, we also hold, as you know, primarily an investment-grade portfolio. S&P is now going through a process to update its model for the first time in 10 years. There's a lot of back and forth in an active dialogue. I think it's early to know whether there will be changes to the amount of excess capital. As a personal matter, it does not concern me. At the end of the day, we operate in an industry that is devoid of excess capital. We have been among the few. I mean, if you look at capital raised across the world, US and Europe, at least, we've raised most of the capital in the insurance industry for the past decade. Anything that puts pressure on capitalization, we tend to be in [Technical Difficulty]. Having said that, I don't expect much to come out of the S&P, but it's early days. As it relates to Private Equity in insurance, what's interesting is this is a journey we've been on for 12-plus years. We have paid an immense amount of tuition. And others who are interested in following what we do will quickly find out that this is not a trade. This is a lifestyle. And you have to build the infrastructure, capable navigating that you operate in a regulated business. But let's face it. All asset management business is a regulated business. We have a decade-plus of experience in working with regulators. Capital coming to the industry is generally a positive. Capital coming out of funds that have limited lives for a long-term asset is not generally viewed as a positive. New players coming to the business who understand that the primary risk, to putting risk on insurance company balance sheet through increased exposure to subordinated securities, are going to find out that that is not really going to be accepted broadly across the industry. What Jim articulated as fixed income replacement, which is maintaining the credit quality of the business while trying to earn excess spread, I believe, is the right strategy, certainly for us and probably for many others. But, I expect a lot of fits and starts on behalf of third parties as they try and figure it out.

I’ll sure left for the next time. Thank you.

Thank you, Glenn. I’m sure.

Thank you. Our next question comes from the line of Bill Katz from Citi. Your line is now open.

Okay. Thank you very much. So maybe, Marc, one for you. One of the questions we're coming up against with the flattening of the forward curve expectations and credit spreads starting to widen out a tad. The natural question is sort of potential for a credit cycle. So, I was wondering if you could sort of, address how you think you're positioned for that. What would be the pros and cons? And then for Martin, just a clarification. It sounds like you're at 5.70 for base earnings ex PAI. Is that -- did I hear that correctly? Thank you.

So, Jim and I will tag team on credit. I'll start by pointing out that. Look we've been in a decade-long period where taking risk has been rewarded. And I didn't just mean my comments for equity. I meant for credit as well. We, as a firm have generally not saw to position our portfolio that way. We have almost always been senior secured. And the way we have earned excess return is through origination or taking some amount of liquidity risk rather than subordination risk, credit risk or duration risk. I believe we are well positioned in the portfolio for widening of rates and for credit cycle. And I don't want to belabor it, because I think Jim lives this every day. So, I'm going to flip it over to Jim to follow-up.

Yes. I would just highlight, when we go through these origination platforms and people, really -- they still ask us what do you mean by fixing replacement. When we think about the Wheels, Donlen platform that we aggregate over the last 12 months, this is a company that's been around for 50 years, and it's been time-tested through the cycle with virtually negligible defaults. And they really are a large-scale auto fleet-finance business for many, many named consumer brand companies. Likewise, our inventory finance partnership with BNP, this is just providing capital where, in the past, investors had not had access to it. These were stuck on bank balance sheets. So when you talk about -- listen, we're students of the high yield and loan and leveraged loan in distressed markets. We are one of the preeminent players in the world. There probably would be some spread widening in those businesses, but that is not what's on the Athene and regulated balance sheets. We've been a pristine investor in those areas, and the performance in terms of the low defaults would really reflect that positioning.

Yes. And Bill, the quick answer is yes. The numbers we're underlying today are consistent with Investor Day. We're on track. We're fully in line with what we laid out in October. So it's the numbers, 2.35, 3.35 on a pretax basis.

Okay. Thank you.

Thank you. Our next question comes from the line of Brian Bedell from Deutsche Bank. Your line is now open.

Great. Thanks. Good morning folks. You just -- first, if I could just start off on the spread-related business in terms of that rate sensitivity. If we do, maybe just some perspective of whether that sensitivity is linear on the 25 basis points. And if the Fed tightened much more aggressively this year, maybe just some thoughts on the cadence of how that would run through that P&L and then into next year, say, if we have, let's say, six hikes or something like that?

Yes, yes. Brian, it's pretty much linear. So, there's some floaters with floors, but we're above the floor. So think of it as 25, now 100 is four times 25 on that rate sensitivity. And in terms of how quickly that pulls through into earnings, about half of that is in three-month LIBOR and the other half is split between shorter and longer, one model and six equivalents.

And then just, how many rate hikes are in your assumption for the -- for your '22 guidance on SRE?

We don't think about it. We think about the forward curve from where it is right now, but we're not -- we don't run our business with a view of three hikes versus six versus seven. That's for macro investors, but we're a day-to-day. We've had a floating and experience for floating rate exposure around the size for the last several years. And it's just -- as I will remind you, we're duration mass on the overall assets and liabilities. So, we're not taking rate bets, but we have a natural hedge because of our floating rate exposure.

Got it. Okay. That's good. And then just maybe on the retail strategy with Griffin. If you could talk about -- after you closed that and we get into later this year and then next year, just talk about the integration, whether you're running your retail -- you're thinking of running your retail strategy mostly through that entity or rather, are they going to be more integrated into the Apollo retail wealth distribution platform? And any insight on, where you think a sort of your percentage of fundraising could come from the retail side?

Sure. As we've said, when we made the announcement, Griffin will be fully absorbed into Apollo. We have 100% acceptance rate of all the individuals who we brought on. In Investor Day, we laid out a five-year plan to have almost one-third of our fundraising be out of that channel. And certainly, what this does in aggregate is probably bringing our plan for a good 18, maybe even 24 months. I will also add, that has not gotten much notice along with the distribution, we're taking on a $5 billion real asset vehicle that has a long established track record and a more nascent credit product for the independent channel as well. So, people have that really brought those up, but certainly, those were benefits. What we're finding is, it's not just about having individuals, but it's the hundreds of selling agreements, the compliance agreements. The marketing infrastructure of launching and announcing a new fund, which they have 20 years of track record in doing so. So, we're extremely excited. We think it puts us -- when we think about where we were 12 to 18 months ago, it's a massive acceleration. We were very clear in our November meeting, our October meeting about what our objectives were, and we've really checked that off. I would ask, the next question is going to be, so where are you going with products? And Marc laid it out, but I think it's really important philosophically, what most folks are doing today is really repackaging the institutional products for the global wealth channel. And we're certainly going to do that. We have a track record and a brand across our platform in all of our areas, equity, hybrid and credit to allow us to be a very formidable competitor, which you're also going to see. And what Marc really touched on, which we're excited about and really plays across our platform, is the whole tax efficiency of these products. It's early days. But there really has been nothing done when one thinks about a lot of these products for high net worth individuals, there's not a great tax efficiency, especially in yield products. So we're excited about when we think about the intellectual capital of bringing Athene and their distribution and their product packaging, along with Apollo and doing it in an integrated fashion, which is happening today. We think the future is very bright to apply that. Q – Brian Bedell: That’s great color. Thank you very much

Thank you. Our next question comes from the line of Michael Cyprys from Morgan Stanley. Your line is now open.

Hi. Good morning. Thanks for taking the question. Maybe just continuing with the retail theme. I was hoping we could dig in a little bit more on the new private BDC that you guys launched. Maybe you could talk a little bit about how different or similar it is from an existing BDC that you guys have had for some new years that is publicly listed. I guess to what degree is there any sort of overlap with folks that are overseeing the BDC that you've had in terms of investment professionals? Maybe you could talk about the investment strategy, how it differs. And how big of an opportunity could this be with the new private BDC that you guys have? How big could that get?

Well, Mike, we've been very clear in the last three years about large-cap direct origination. We were very vocal about it in 2019 and 2020. And certainly, with the advent of COVID, it's allowed us to do it. And as we said, I think at Investor Day, we talked about the multiple of billion-dollar commitments we made, in 2019, a handful; in 2020, about 20; and then the last year, more than 30. But to answer your specific question, the credit universe is a wide spectrum. Our traditional business, as you know, we have mid-cap, a tremendous historic middle-market lender, the sponsor community. And that really is what our AINV strategy is doing today, a tremendous amount of overlap by that team. We also run our credit business in an integrated front-end fashion. And as we do so, we've been very focused on saying that ADS is really going to primarily focus on large-cap sponsor origination and large-cap corporate origination. So we think it's best not to operate in a silo, to run as an integrated toolbox across all the things that we offer sponsors, large and small, as well as not only leveraged finance loans, but all the other tools in the toolbox, whether it's fund finance, GP finance or otherwise. So to answer your question, we've been very clear, it's a large-cap strategy of ADS. We think very -- we think that's the way to go in terms of the future of the market and what's happening in terms of the dispersion and disruption of the syndicated market, and it works hand-in-hand in integrated fashion with our AINV and team.

Great. Thank you.

Thank you. Our next question comes from the line of Finian O'Shea from Wells Fargo Securities. Your line is now open.

Hi. Good morning, everybody. Can you talk about the opportunity for platform acquisition, such as Aqua and PACE this quarter? How -- for one, how attractive is that category versus other components of high-grade alpha in the context of what you have to pay up for it? And how much of that stuff is still out there for you to continue to grow into through acquisition?

It's Marc, and I'll take a shot at it, and then Jim will fill in where I miss. Think of origination as having three parts to it. One part calling effort, calling on large companies, the scale of our ecosystem. Remember, we have the largest private credit platform in the world, at least that I'm aware of, more than $350 billion. We have an incredible ecosystem. So we call on companies. And you've seen the results of that coming out of the things we've done with ADNOC, with Hertz and with so and so. The second part of it is a -- just by being such a large ecosystem and capital market participant, we benefit from capital markets-originated flows, think of SoftBank as something coming to us as a result of capital markets. The third is the notion of platforms. Platforms are companies that, in and of themselves, are attractive investments, but the business they pursue is the origination of credit, Wheels, Donlen and so on and so. So I believe we are still early days in the platform acquisition business. We have made significant inroads in fleet finance and aircraft finance, in senior secured middle-market finance, in inventory, in franchise fees and a number of other areas. And I think what you will see is, yes, we will continue to go into new areas. But I think what you're going to see is the existing platforms get scale. Just like Donlen and Wheels came together, I think you will see us this year, in particular, add scale to what we do. The resource commitment that we have in our internal FIG group, I predict our FIG and Strategy Group will be the size of our Private Equity group over the next few years. This is a full-court press, a full-time effort. Origination and recurring origination is among the most valuable things that we do. One last footnote on it. When we buy an origination platform, the we is generally Athene, Thora and our institutional limited-partner clients. They like in buying an origination because this is a perpetual machine that generally produces relatively safe low-teens recurring rates of return. It in some ways, it is a perfect alternative for large sovereign funds and for large retirement services balance sheets. But it is a two-fold, not only do we get an attractive alternative equity investment, which generally is funded, as I suggested, out of the Retirement Services balance sheet and a limited partner capital, we also get origination. Some of that origination is absorbed internally in Retirement Services balance sheets and credit funds, and some of it goes external through our capital markets and syndication business. This is a significant feeder to our ecosystem. Every day, the reinforcement of the ecosystem gets better and better through these platforms.

Thank you. That's very helpful. And just a follow-up, if I may. I'm sorry if I missed this. Can you talk about the trade-off on the Athene fixed income mark-to-market fee arrangements? Did you have to take a concession on the fee for that exchange?

No. No. We've fixed it going through the close of the year. There's no impact.

Okay. Thanks so much.

Thank you. Our next question comes from the line of Robert A. Lee from Keefe, Bruyette & Woods. Your line is open.

Great. Thanks for taking my questions this morning. Just wanted to maybe ask on Athora a bit, I mean, I know you feel very good about the long-term opportunity there, but it feels like it's been pretty quiet since last year or so. I know that you wanted to kind of put that platform in the order once you acquire that big block of business. But what are your thoughts heading into 2022? Should we be thinking that, that business there's increased potential for more transactions coming out of Europe on that platform, now that you've you spent this past year maybe investing in it? So, just wanted to get some update there.

Great. Robert, its Marc, I'll take a shot at this. I like your definition of quiet. The team in the room that works on Athora said, they'd like to understand what busy is then. So if you think about what's happened to Athora over the reasonable period of time, we obviously did a very large transaction in the Netherlands for VIVAT, adding some €40 billion to the balance sheet. We also did add-ons in Belgium, and we did a de novo in Italy this year, so another €8 million to €10 billion. That seemed like plenty, for the year. We are, as you suggested, absorbing. 2021 has been a year of absorbing. You should expect us to do a sizable capital raise at Athora at some point during the year. Apollo led that off with a €250 million upsize in a safe, pending the future capital raise. What we're also starting to see is, people turning themselves to new business. Very often what happens in -- particularly in something like the Netherlands, is it takes a while to understand exactly what the opportunity is on a go-forward basis. And so we've started to see the equivalent of a pension risk transfer market really developed in Europe. In terms of what's going to happen in Europe this year, I believe it will be an incredibly active year. All indications tell me that there will be sizable blocks of business that change hands. The pickup in rates, in some ways, is actually helpful in reducing the embedded loss of a lot of these historic books of business to the legacy companies. So in short, I thought 2021 was very active, but I expect 2022 to be even more active, on a go-forward basis. And I'll make one final point. Whatever tuition needed to be paid in the U.S. over more than a decade, this is advanced chemistry. It is a much more complicated market. Solvency II is a much more complicated regime to operate in. Being able to speak both languages, RBC and Solvency II, is a huge advantage. You're seeing it. Japan is moving towards Solvency II, Hong Kong and the rest of Asia, moving towards Solvency II. And you've seen us across the platform, not just in Athora, but also in Athene, be able to take the skill set of understanding how a Solvency II balance sheet works and do the first couple of reinsurance transactions in Japan for Athene. So I expect this to continue to be a very active area. And more than you want to know, but the commoditization of publicly traded fixed income and the inability of traditional market participants to earn excess return in fixed income is the driver that is pushing the disposition of these blocks of business. And I think this is going to continue.

Thank you. Our next question comes from the line of Alexander Blostein from Goldman Sachs. Your line is now open.

Thanks. Good morning. Thanks for taking the question. So first, Marc, maybe just a clarification on the change in management fee concession with Athene is going from market value to book value, what's the impact relative to the Q4 level? So maybe just kind of help us level-set what the Athene management fee to Apollo was in the fourth quarter under kind of the new methodology and the old methodology. And then when it comes to macro moves broadly, kind of heard your comments obviously around rising interest rates on SRE, but how should we think about sensitivity to wide-grade spreads within SRE as well?

So Alex, there is no impact. There's no day one impact to the change in the fee basis. And as we go through purchase accounting and the PCAOB process, book value converges to market value at day one. So they -- the book value sort of becomes market value and resets in new basis going forward. And so it's the same asset value that you're using to reference the fee rate. And there's no other adjustments to the contract. So that's pretty clean, I think, and straightforward. And on the spread duration and the spread risk, I would think of that as having a similar profile to credit -- to rates. But obviously, it depends on turnover in the portfolio, rates reset every month, every quarter. Spreads reset as you buy and sell security. So it's kind of more prolonged impact on the pull-through.

Got it. All right. Thanks for clarification. Bigger-picture question on fundraising. You guys sound pretty excited about 2022, $80 billion plus. Can you help break down what the latest assumptions are for maybe Fund X.? And then, Jim, to your point around potential upside to that $80 billion number, where do you guys see the areas of potential upside?

Well, I mean, I think we've been pretty clear over the last several months that we've been out in front with Fund X flagship, $25 billion. And Scott and the team are focused on that as the number one priority, but we have a variety of other institutional products between yield. And hybrid EPF is out there right now. Accord plus is out there right now. And so we're excited by the breadth of that. And certainly, when we think about what global wealth can do this year, we look at that contributing. In the past, it was sub-5% to 10%. And I think you're going to see in a number north of $5 billion or $6 billion on the global wealth part in addition. So we've got a lot of cylinders humming in the fundraising. And as we said, a $23 billion in 2021, ex the flagship, that's what gives us great comfort and confidence. Especially, I would add, what's really going on here for us, I know there's a tremendous amount of questions about rates in the curve, which are all critical to us. But what it really means for us it's the repricing of equity risk premium. And as Marc talked about, we've been in a decade where price didn't matter. And for us, as our strategy, all of this volatility in repricing risk premium, this is front and center of benefit of how we run our PE business. We're the classic leader in that global business in that field when there's market dispersion, hybrid value, tremendous product in that area as well. So, we feel very, very comfortable with it. If the macro moves, like we believe there will be more stock dispersion and what you've seen happen in certain growth areas, we just feel like that really plays right into our strategy.

Thank you. Our next question comes from the line of Rufus Hone from Bank of Montreal. Your line is now open.

Great. Thanks for taking my question. I wanted to ask about retirement services. And I was hoping you could discuss your thoughts around where you think the ROE of Athene can get to over time, and particularly as you bring on more third party capital and as you get the tailwind of higher interest rates feeding through to higher on the margin spreads. Thank you.

I'll take a shot at it. It's Marc. So, for the -- from inception, Athene produced about a 17.7% return on book value. We continue to underwrite business, and we underwrote business in 2021 at north of 15% cash-on-cash. Our target in retirement services is that mid-teens rate of return on a sustainable basis. And we really -- rates themselves don't really matter. And I'm not convinced spreads matter, because the market adjusts to the pricing of new liabilities get added in the context of a competitive market. The ability to source assets is the primary driver of the growth and profitability of Retirement Services. And so, what we have done is we have, as you've been hearing for this call, made a massive bet over many years on origination that you're seeing that come to fruition and the kind of origination that benefits retirement services balance sheets. By going to third parties and opening up to third parties, that is a win-win on both sides. We also run a prudent diversified book. And we have absolutely no problem syndicating to other insurers, to other money managers and to other clients. For us, we get more flow, we get more diversification, we continue to build our ecosystem, and we get plenty of product to satisfy the internal needs from Athene and from Athora and from the various credit funds. On the other hand, if you're a client, you have the opportunity to invest side-by-side with us in an aligned fashion as where we're a principal, not just a broker, not an asset manager. Alignment is an unbelievably powerful tool in this particular area, and I think we're seeing the benefits of that.

Thank you. We have reached our allotted time for questions. I will now turn the floor to Noah Gunn for any additional or closing remarks.

Great. Thank you. Really appreciate everyone's interest in Apollo this morning and participating in our call. If you have any questions on anything we discuss on the call, please feel free to reach out to us. And we look forward to speaking with you again next quarter.

This concludes today's conference call. Thank you for participating. You may now disconnect.